OSLO: Norway Seafoods reported a profit in Q1, with fresh cod prices up 30% year-on-year.
The company’s Q1 earnings before interest and taxes (ebit) of NOK 14 million compares to a loss of NOK 3m in the same quarter of 2014, the start of a year of lossmaking quarters (see financials below).
Revenue in the first quarter came to NOK 570 million, an increase of 11.98% y-o-y.
Higher revenue was mainly a result of higher sales volumes and higher sales prices compared to the same period last year, the company said.
Production volumes were lower compared to the same period last year, but production efficiency was improved.
Prices on fresh cod fillets increased by 30% in the first quarter of 2015 compared to the same period in 2014, and prices for frozen cod fillets (not block) increased by 26%.
Export volumes of fresh cod fillets from Norway decreased by 13%, and volumes of frozen cod fillets decreased by 24%.Screen Shot 2015-05-04 at 10.00.44
Sold volume of primary processed products from the Norwegian operations was 5 278 tons in the first quarter compared to 4 688 tons for the same period last year.
Sales of whole unprocessed fish decreased from 4,032 metric tons to 3,664t in the quarter. Sales of whole Skrei increased from 566t in the first quarter in 2014 to 585t in the same quarter in 2015.
